LAURENCE HAYAUX: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
LAURENCE HAYAUX
Largest movements
- Deferred charges and accrued income +€72,470
up €72,470 (+2,957%), from €2,451 to €74,921
- Receivables within one year -€31,936
down €31,936 (-92.0%), from €34,720 to €2,784
of which Trade receivables: -€30,000
- Cash +€7,879
up €7,879 (+2.7%), from €291,007 to €298,886
mainly Other debts (+€125,705) and Net result for the year (+€44,007)
- Other debts +€125,705
up €125,705 (+1,571%), from €8,000 to €133,705
- Reserves -€99,000
down €99,000 (-57.4%), from €172,360 to €73,360
- Tax, wage and social debts +€18,920
up €18,920 (+64.3%), from €29,422 to €48,342
- Gross operating margin +€9,541
up €9,541 (+17.4%), from €54,849 to €64,390
- Taxes +€4,065
up €4,065 (+30.3%), from €13,425 to €17,490
- Depreciation -€1,280
down €1,280 (-30.6%), from €4,179 to €2,899
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €354,856 | €402,115 | +€47,259 | +13.3% |
| Fixed assets | 21/28 | €26,678 | €25,524 | -€1,154 | -4.3% |
| Tangible fixed assets | 22/27 | €8,899 | €7,745 | -€1,154 | -13.0% |
| Furniture and vehicles | 24 | €8,649 | €7,745 | -€904 | -10.5% |
| Other tangible fixed assets | 26 | €250 | - | -€250 | |
| Financial fixed assets | 28 | €17,779 | €17,779 | = | 0.0% |
| Current assets | 29/58 | €328,178 | €376,591 | +€48,413 | +14.8% |
| Amounts receivable within one year | 40/41 | €34,720 | €2,784 | -€31,936 | -92.0% |
| Trade receivables | 40 | €30,664 | €664 | -€30,000 | -97.8% |
| Other amounts receivable | 41 | €4,056 | €2,120 | -€1,936 | -47.7% |
| Cash at bank and in hand | 54/58 | €291,007 | €298,886 | +€7,879 | +2.7% |
| Deferred charges and accrued income | 490/1 | €2,451 | €74,921 | +€72,470 | +2,957% |
| Total equity and liabilities | 10/49 | €354,856 | €402,115 | +€47,259 | +13.3% |
| Equity | 10/15 | €315,013 | €218,020 | -€96,993 | -30.8% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €172,360 | €73,360 | -€99,000 | -57.4% |
| Distributable reserves | 133 | €172,360 | €73,360 | -€99,000 | -57.4% |
| Profit (loss) carried forward | 14 | €136,456 | €138,463 | +€2,007 | +1.5% |
| Amounts payable | 17/49 | €39,843 | €184,095 | +€144,252 | +362% |
| Amounts payable within one year | 42/48 | €39,420 | €184,082 | +€144,662 | +367% |
| Trade debts | 44 | €1,998 | €2,035 | +€37 | +1.9% |
| Suppliers | 440/4 | €1,998 | €2,035 | +€37 | +1.9% |
| Taxes, remuneration and social security | 45 | €29,422 | €48,342 | +€18,920 | +64.3% |
| Taxes | 450/3 | €29,422 | €48,342 | +€18,920 | +64.3% |
| Other amounts payable | 47/48 | €8,000 | €133,705 | +€125,705 | +1,571% |
| Accrued charges and deferred income | 492/3 | €423 | €13 | -€410 | -96.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,179 | €2,899 | -€1,280 | -30.6% |
| Other operating charges | 640/8 | €445 | €521 | +€76 | +17.1% |
| Gross operating margin | 9900 | €54,849 | €64,390 | +€9,541 | +17.4% |
| Operating profit (loss) | 9901 | €50,225 | €60,970 | +€10,745 | +21.4% |
| Financial income | 75/76B | €462 | €890 | +€428 | +92.6% |
| Recurring financial income | 75 | €462 | €890 | +€428 | +92.6% |
| Financial charges | 65/66B | €222 | €363 | +€141 | +63.5% |
| Recurring financial charges | 65 | €222 | €363 | +€141 | +63.5% |
| Profit (loss) for the period before taxes | 9903 | €50,465 | €61,497 | +€11,032 | +21.9% |
| Income taxes | 67/77 | €13,425 | €17,490 | +€4,065 | +30.3% |
| Profit (loss) for the period | 9904 | €37,040 | €44,007 | +€6,967 | +18.8% |
| Profit (loss) for the period to be appropriated | 9905 | €37,040 | €44,007 | +€6,967 | +18.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.